Overview
- Shares trade near $34–$35, down roughly 50–55% from the November peak around $76 and at the weakest level since September.
- The decline accelerated after Oracle and Broadcom results stoked a broader pullback in AI‑linked names, with peers like CoreWeave, Nebius, and Bitfarms also falling.
- The company recently completed more than $2 billion of financing, including $2.3 billion in convertible notes that sparked dilution concerns even as supporters called it balance‑sheet cleanup.
- Contrasting signals emerged as Jim Cramer urged investors to sell while B. Riley reaffirmed a Buy rating with a $74 target, framing the slide as sentiment‑driven.
- A five‑year, $9.7 billion Microsoft agreement anchors IREN’s shift from Bitcoin mining to AI infrastructure, yet near‑term revenue still leans on crypto and competition is intensifying, including a reported $10 billion Hut 8 order from Anthropic.